For those of you who may be uncertain, I was told that it is a fruit. Along the same lines, we finally received some closure relating to whether an inherited IRA is exempt or not exempt from bankruptcy protection.
On June 12, 2014, the Supreme Court unanimously ruled (in Clark v. Rameker) that inherited IRAs do not qualify as retirement assets and are not exempt from a debtor’s bankruptcy estate. The court’s conclusion that an inherited IRA should not be considered “retirement funds” was based on the three main legal characteristics:
For those of you who may want to know my excuse for not knowing that an avocado is a fruit, I told my daughter: “When daddy grew up in Hong Kong, nobody ate avocados.”
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